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Patriots Release Aaron Hernandez

FOXBORO, MA - JANUARY 13: Aaron Hernandez #81 of the New England Patriots reacts after a catch in the third quarter against the Houston Texans during the 2013 AFC Divisional Playoffs game at Gillette Stadium on January 13, 2013 in Foxboro, Massachusetts. (Photo by Elsa/Getty Images)

Aaron Hernandez. (Photo by Elsa/Getty Images)

(CBS) Hours after he was arrested, tight end Aaron Hernandez has been released by the Patriots.

Hernandez was arrested at his North Attleboro, Mass., home early Wednesday morning as his name continues to be involved in the investigation into the murder of 27-year-old Odin Lloyd, whose body was found near Hernandez’s home last week.

“A young man was murdered last week and we extend our sympathies to the family and friends who mourn his loss,” the team said in a statement. “Words cannot express the disappointment we feel knowing that one of our players was arrested as a result of this investigation. We realize that law enforcement investigations into this matter are ongoing. We support their efforts and respect the process. At this time, we believe this transaction is simply the right thing to do.”

Drafted in the fourth round of the 2010 draft, Hernandez signed a five-year, $40 million extension last summer, with $16 million guaranteed.